Nigerian businessman Tony Elumelu has increased his stake in Seplat Energy Plc after Heirs Energies Limited, a company controlled by him, acquired an additional 6 million ordinary shares in the energy company.

The transaction, disclosed in a corporate filing published on the Nigerian Exchange (NGX) website, increased the combined shareholding of Heirs Energies Limited and Heirs Holdings Limited to 126.4 million shares, representing a 21.07% voting interest in Seplat.

According to the disclosure, Heirs Energies purchased the additional shares, taking its direct holding in Seplat to 27,943,867 shares.

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“The Company was notified of the purchase of 6,000,000 ordinary shares by Heirs Energies Ltd, a company controlled by Mr. Tony Elumelu, a Non-Executive Director of the Company,” Seplat stated in the disclosure.

Following the transaction, the two entities controlled by Elumelu now hold a combined 126,400,000 Seplat shares, based on the company’s issued share capital of 599,944,561 shares.

Estimated ₦94 Billion Investment

The latest purchase represents approximately 1% of Seplat Energy’s issued shares and increased the combined holding of the two Heirs entities from about 20.07% to 21.07%.

Based on estimates cited in the source material, the additional 6 million shares cost approximately $70 million, equivalent to about ₦94 billion at the referenced exchange rate.

The transaction further strengthens Elumelu’s position as Seplat Energy’s largest shareholder.

Seplat Share Price Boosts Value of Elumelu’s Stake

The acquisition comes as Seplat Energy’s share price has recorded significant gains.

The company’s shares reportedly opened September at approximately ₦13,155 per share and closed the month at ₦16,000, representing an increase of about 21.6% during the period.

At a share price of ₦16,000, the combined 126.4 million shares held by the Heirs entities would have a market value of approximately ₦2.02 trillion.

The market value of the investment could therefore rise or fall with movements in Seplat’s share price.

The Heirs entities initially established their substantial position in Seplat after acquiring the stake previously held by French oil and gas company Maurel & Prom.

Elumelu Set to Become Seplat Chairman

The latest share purchase comes ahead of a planned leadership transition at Seplat Energy, under which Tony Elumelu is expected to become chairman in January 2027.

Seplat announced the transition in June as part of plans to maintain continuity in its governance and strategic direction.

Roger Brown, who served as chief executive officer and board director, retired from the company on July 31, 2026, after 13 years with Seplat, including six years as CEO.

He was succeeded by Engineer Effiong Okon, who became chief executive officer and executive director effective August 1, 2026.

Meanwhile, current chairman Senator Udoma Udo Udoma is scheduled to retire on December 31, 2026.

Udoma became independent chairman in April 2024 and oversaw the integration of Mobil Producing Nigeria Unlimited (MPNU) and the development of Seplat’s 2030 strategic plan.

Seplat Energy’s Nigerian Operations

Seplat Energy’s portfolio includes 11 Petroleum Mining Leases (PMLs), 17 Petroleum Prospecting Licences (PPLs) and five Oil Mining Leases (OMLs) across onshore and shallow-water locations in Nigeria’s Niger Delta.

The company operates its oil and gas assets in partnership with the Nigerian Government and other industry partners.

Elumelu’s expanded investment in Seplat adds to his wider business interests spanning banking, insurance, hospitality, real estate, power and technology.

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